market recovery
85% of Global Markets Recovered RevPAR Last Year
CoStar Group | January 26, 2024
Analysis by Eddie Yeung Note: All financial figures presented in US$. STR's global “bubble chart” update for 2023 shows 85% of markets with revenue per available room (RevPAR) higher than 2019. In terms of top-line performance, that means most markets have recovered from the significant declines caused by the pandemic. Among countries with 50,000 rooms and adequate hotel reporting levels, Singapore, France, Switzerland, Ireland, and Greece led in RevPAR on an actual basis. Most of the above countries maintained relatively high levels in both average daily rate (ADR) and occupancy throughout the year. Ireland led all ...
The Magic Returns to the “Happiest Place on Earth”
Eileen Bosworth | January 30, 2023
By Eileen Bosworth, Kirsten Z. Smiley When Disneyland Resort, Anaheim’s crown jewel, was forced to close in 2020 at the onset of the COVID-19 pandemic, area hotels faced some of the greatest demand losses in the nation. The park system welcomed back its local fanbase in 2021 with the introduction of a new reservation system. Once Disney attendees were more familiar with the park’s new reservation system, which requires advance planning and makes it more difficult to book same-day tickets, leisure demand rebounded, spurring double-digit ADR growth in 2021 and 2022. However, the Anaheim-Santa Ana hotel market has not caught up to pre...
Travel Disruption and Increasing Financial Barriers Stall Consumer Sentiment, but Wanderlust Remains
STR | August 18, 2022
Debate continues on the extent to which global tourism recovery will be impinged by increasing inflationary pressures and potential travel disruption. Thus far, any potential impact has not been visible in the hospitality sector. The STR Market Recovery Monitor, based on data for the week ending 30 July 2022, showed that more than 90% of North American markets and around 80% of global markets were achieving revenue per available room (RevPAR) that was 80% or above 2019 levels when adjusted for inflation. However, the expected seasonal slowing of peak leisure demand season is beginning and intersecting with significant macroeconomic hea...
Knowland Meetings and Events Data Shows 163.9 Percent Growth Over July 2021
KNOWLAND | August 4, 2022
Seasonal decline from June is less than typically experienced pre-COVID ARLINGTON, Va. — Aug. 4, 2022 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, released its monthly meetings and events data for July reporting a significant increase of 163.9 percent over July 2021. Although there was a 15.5 percent decline from June, this is related to normal seasonality, however, it is still less than typically exhibited pre-COVID. Average attendees per event increases – The average number of attendees per event for July 2022 was 121, compared to 64 in July 2021 and 91 in...
Knowland’s Meeting Recovery Forecast Q2 Update Reflects Stronger Than Expected Performance
Knowland | July 20, 2022
Q2 performance fuels adjusted forecast to reach full market recovery in 2023 ARLINGTON, Va. — July 20, 2022 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, released the quarterly update to its U.S. Meetings Recovery Forecast (MRF) and associated Top 25 U.S. Meetings Recovery Forecast (MRF25) showing improved projected performance with a goal of providing the hospitality industry with predictive insights into event recovery over the next three years. Click here to view the most current forecasts. Kristi White, chief product officer, Knowland, said: “Each month of the...
Travel Sentiment Improves Despite Higher Prices, COVID-19 and Travel Disruption Concerns
STR | May 26, 2022
The last few months have seen a much-welcomed boost in demand for the travel industry as COVID-19 restrictions have continued to ease in many parts of the world. STR’s Market Recovery Monitor shows that around two-thirds of global markets and over 95% of U.S. markets are now in a recovery or peak position achieving revenue per available room (RevPAR) indexed to 2019 at 80 or above. Further, around 70% of U.S. markets and 40% of global markets are now achieving higher RevPAR than in pre-pandemic times. While inflationary pressures continue to impact markets, meaning that real comparisons with 2019 are less impressive, strong unde...
STR: U.S. Hotel Results for Week Ending 26 February
STR | March 3, 2022
HENDERSONVILLE, Tennessee—U.S. hotel performance increased from the previous week and showed significant improvement against 2019 comparables, according to STR‘s latest data through 26 February. 20-26 February 2022 (percentage change from comparable week in 2019*): Occupancy: 62.2% (-4.7%) Average daily rate (ADR): US$143.83 (+13.1%) Revenue per available room (RevPAR): US$89.45 (+7.7%) Among the Top 25 Markets, Orlando recorded the largest occupancy increase over 2019 (+6.7% to 85.9%). San Francisco/San Mateo experienced the largest occupancy decrease from 2019 (-31.9% to 53.7%). Helped by the Sou...
Spring Has Arrived in New England, Bringing With It Hope for Its Lodging Markets
Sebastian J. Colella | March 29, 2021
By Sebastian Colella After a long and grueling 12 months, spring has finally arrived in New England and with it, renewed hope for its lodging markets seems widespread across all six states. Although very little improvement has materialized through Q1 of 2021, there are many indicators that growth in lodging demand is around the corner. The national lodging market has begun to see improvements as hotel occupancy for the week ending March 20 increased to its highest level since early March of last year, according to STR. There are many reasons to believe New England lodging markets will experience similar trends once tourism season is underw...
